Hyderabad: Telangana State has registered a significant tax collection of Rs 42,054 crore during one year of GST regime in 2017-18 while it was Rs 35,232 cr during 2016-17, despite some hiccups to bring more businessmen under tax ambit, according to Commercial Taxes Principal Secretary Somesh Kumar. However about 1.5 lakh new businessmen have come under the GST regime this year that led to increase in tax collection, he maintained.
In an informal chat with a section of media persons at Secretariat here on Thursday, Somesh Kumar maintained that more businessmen will follow suit and adopt GST regime as it is noted for one tax and one nation. In the current fiscal from April to June end, the State has already collected 18.5 per cent of tax of Rs 10,879 crore, he said. The Telangana Government has saved Rs 6,000 crore funds as the Centre reduced the tax slots from 18 per cent to 12 per cent and 12 to 5 per cent through flagship programs like two bedroom housing scheme, irrigation projects, construction and others.
“We are proud that the State government did not rely on the Centre for compensation as it surpassed tax collection limit of Rs 15,705 crore by collecting Rs 15,755 crore from July 2017 to March 2018”, he clarified. He also said the market value of 6.33 lakh documents was Rs 40,809 crore and the consideration value was Rs 49,627 crore which is 20.7 per cent increase in market value. Somesh Kumar further said that 5.56 lakh documents were registered with a market value of Rs 37,681 crore but the consideration value was Rs 49,191 crore. This is 30.5 per cent more over market value during the last nine months of GST from July 2017 to March 2018, he added. (NSS)
